SHIB Burns Grow 5,569%, Ready to Rally?
Shiba Inu Burns Play a Major Role. SHIB burns grew 5,569% in the past 24 hours. Despite the burns, the price does not seem to reflect this. The reason behind SHIB burns is currently unclear, considering the fall in the cryptocurrency market.
Shiba Inu Burn Rate Rising
The rise in Shiba Inu burn rates is contrary to the market trend. According to data provided by Shibburn, which is famous for tracking Shiba Inu burns, the number of tokens sent to non-recoverable wallets in the past 24 hours was about 12 million. This is an increase of 5,549% compared to the previous day.
However, this rate is significantly lower compared to the burn rates in recent days. According to data provided by Burn Tracker on Monday, in 24 hours, investors sent millions of tokens to the burn address, followed by a sharp increase in the burn rate of 202,974%.
Cryptocurrency burns are usually aimed at reducing supply, creating excess demand and increasing prices. This is also the goal of SHIB, but it is understood that its supply is still very large.
Looking at the price performance of Shiba Inu in the past 24 hours, it is trading at $0.00001815 after falling by more than 6.5%. This price trend contradicts the reported increase in the burn rate of 5,549%. It should also be noted that SHIB fell by 16.5% in the weekly view, but the burn rate increased by more than 1,000%.
During this period, SHIB's market value fell to $10.5 billion, while its 24-hour trading volume increased by 41% to $602 million
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